Covivio and AccorInvest Sign Memorandum of Understanding

On June 21, 2024, Covivio and AccorInvest announced the signing of a memorandum of understanding. This agreement aims to consolidate the ownership of their jointly owned hotel operating and property companies. The transaction is expected to close in the final quarter of 2024.

Covivio, through its subsidiary Covivio Hotels, owns 54 hotels leased to AccorInvest under long-term variable-rent leases based on revenues. The memorandum includes the acquisition of 24 hotel operating companies by Covivio Hotels in exchange for transferring 10 other hotel property companies to AccorInvest. The agreed value for the transferred property companies is €208 million, while the operating companies acquired by Covivio Hotels are valued at €266 million.

Additionally, Covivio Hotels and its partners will acquire 19 operating companies for their joint ventures, consolidating ownership of 43 hotels, while AccorInvest will own 16 hotels. The overall transactions represent a total of €393 million. This move positions Covivio to further develop its hotel real estate portfolio and diversify its assets.